Apple’s (AAPL.NASDAQ) profit grew 38% in its third fiscal quarter thanks to strong demand for the company’s latest round of iPhones driven by robust growth in China, where sales more than doubled, The Wall Street Journal reported. 35% growth in iPhone sales helped lift cash reserves to US$203 billion, yet because sales missed some analysts’ estimates, shares in the company fell as much as 7% in after-hours trading, wiping out around US$60 billion in market value. Chief Executive Tim Cook brushed off a question as to whether Apple needs to move beyond its reliance on the iPhone. “We think the phone has a lot of legs to it,” he said.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved